Currency exchange traded funds are experiencing some major moves as the U.S. dollar appreciates against a basket of foreign currencies.

Specifically, the PowerShares DB U.S. Dollar Index Bullish Fund (NYSEArca: UUP), which tracks the price movement of the U.S. dollar against a basket of currencies, including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc, broke above its symmetrical triangle formation – a period of conslidation before the price moves above or below identified trend lines, forming a significant upward move, according to Investopedia.

The U.S. dollar has strengthened as traders anticipate the Federal Reserve will tighten its monetary policy and a better-than-expected second quarter GDP expansion bolstered the currency. [U.S. Dollar ETFs’ Moment to Shine]

The CurrencyShares Euro Currency Trust (NYSEArca: FXE), on the other hand, has been breaking down due to the stronger greenback – FXE is trading 2.9% below its 200-day exponential moving average and fell below its $133 support in early August. FXE is trading around $130.

Analysts remain negative on the euro currency, with Barclays warning of a continued sell-off, as European Central Bank president Mario Draghi hints at a loose monetary policy and stimulative measures, according to PoundSterling.

The CurrencyShares Japanese Yen Trust (NYSEArca: FXY) has been trading range bound through most of the year but has broken below its range on Aug. 22, signaling a potential long-term downtrend.

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